Elroy Corporation repurchased $2,900$ shares of its own stock for $$50$ per share. The stock has a par of $$20$ per share. A month later, Elroy resold $725$ shares of the treasury stock for $$58$ per share.

Required

a$.$ Record the two events in general journal format.

b$.$ What is the balance of the treasury stock account after these transactions?

Complete this question by entering your answers in the tabs below.

Record the two events in general journal format. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

A

B

Elroy Corporation repurchased $2,900$ shares of its own stock for $$50$ per share.

Record the transaction.

Note: Enter debits before credits.

Event

General Journal

Debit

Credit

Prev

$6$ of $7$

Next